The stock of Newmont Corporation (NYSE:NEM) is now priced at $67.02 and the shares are -0.26 points down or -0.39% lower compared to its previous closing price of $67.28. The stock had 5.77 million contracts set over the past session. NEM shares’ daily volume is compared to its average trading volume at 8.499 million shares. However, it has a float of 801 million and although its performance was 3.33% over the week, it’s one to watch. Analysts have given the NEM stock a yearly average price target of $76.65 per share. It means the stock’s upside potential is 14.37% with the NEM share price recently placing at $65.86 to $68.55. However, some brokerage firms have priced the stock below the average, including one that has called $61.
The shorts are running away from the Newmont Corporation stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the NEM shares have declined. Short interest in the stock represents just 1.21% of its float, but the volume has dropped by 0.
In the last trading session, Newmont Corporation (NYSE:NEM) raised by $2.16 over the week and lost -$3.23 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $72.22. The stock recorded its established 52-week high on 08/05/20.
Since 03/16/20, the stock has traded to a low of $33 at 103.09%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 0.35. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Newmont Corporation’s two-week RSI is 54.01. This suggests that the stock is neutral at the moment and that NEM shares’ price movement remains stable. The stochastic readings are equally revealing at 59.53% meaning the NEM share price is currently in neutral territory.
The technical chart shows that the NEM stock will likely settle at between $68.43 and $69.83 per share. However, if the stock dips below $65.74, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $64.45.
Currently, the stock is trading in the green of MACD, with a reading of 0.97. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Standpoint Research cut their recommendation for NEM from Buy to Hold in May 18 review. Barclays analysts downgraded their recommendation of the stock from Overweight to Equal Weight while keeping its target price at $58 in a flash note released to investors on April 16. JP Morgan analysts see the stock as Overweight when the analysts initiated the share price coverage on April 09, placing it at $61.
The average rating for the NEM equity is 2.05 and is currently gathering a bullish momentum. Of 20 analysts tracking Newmont Corporation polled by Reuters, 5 rated NEM as a hold. The remaining 15 analysts were split evenly. However, the split wasn’t equal as a majority (15) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the NEM stock price is 17.15X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 12.7 below the group’s average of 23.7. Newmont Corporation has its P/E ratio at 2.4, which means that the stock is currently trading at a discount relative to the 2.7 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Newmont Corporation (NYSE:NEM) will increase by about 40.34%, which will see them reach $3260 million. The company’s full-year revenues are, however, expected to increase by about 18.17%, up from $9740 million to $11500 million. NEM’s expected adjusted earnings should surge almost 116.67% to end up at $0.78 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 78.79% to record $2.36/share.